FTSE 100 Index Forecast August 24, 2012, Technical Analysis

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The FTSE Index fell hard on Thursday as the markets took a break from the recent bullishness. The Chinese economic numbers are getting softer, and as a result a lot of riskier assets such as stocks and commodities as well as risk related currencies are starting to get a little bit of a headwind.

The candle for the Thursday session was fairly long, definitely read it, and close to the very lows. However, we do see support down at the 5700 level. In fact, we think of this as a pullback that needed to happen. We would become much more interested in buying London stocks once the 5700 level is tested, and some type of supportive candle forms. As far as selling is concerned, we’re still a long way away from being in that camp.

 

FTSE 100 Index Forecast August 24, 2012, Technical Analysis

FTSE 100 Index Forecast August 24, 2012, Technical Analysis

 

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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